Use Of Business Plan

Use Of Business Plan-61
If you could predict the financial development of any publicly listed company, you would be a stock market millionaire.Why would it be easier to make a three year forecast for a startup that does not yet have products or customers?Another important element in a business plan is that your company’s everyday activities should be linked to its long-term strategies. Strategy documents are often drawn up by senior management, only to be left languishing in a desk drawer.

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An even bigger problem is that many entrepreneurs follow these plans uncritically, without asking questions like: Has the market changed?

Did the product turn out the way we thought it would?

The justification for longer plan periods is often that bankers and investors want a forecast that shows when they will get their money back.

Unfortunately, these forecasts are often based on failing preconditions.

The “Lean Startup” movement (Steve Blank, 2005 and Eric Ries, 2001) claims that the ability to make adaptations and changes to your plan is much more important than the quality of the first version of the plan.

The problem is that business plan critics do not offer an alternative method.

Everything does not always go according to plan, but planning is still important.

The simplest way to improve the business plan is to make the planning period shorter.

Instead, you decide what you will have for dinner, and make a list of everything you will need to buy.

Some additional impulse purchases tend to find their way into the shopping trolley, which is normal.

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